If you install the tankless in the same location as the original, it will take just as long for the water to get to the faucet. Now if you move the tankless closer to the end use location it will be much quicker. Best solution is a recirculating pump. You place it at the most distant faucet location. It requires a 120 volt receptacle to plug into. It connects into the hot and cold water lines. Mine had a timer, and also a thermostat. During the selected times, it would pump the hot water into the cold water line, and continue to do that until hot water is at that location. You do not waste any water since you are recirculating it. Cost installed approx $500. Your only issue will be that the cold water will be somewhat warmer during the selected recirculate times.
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